Toronto-based
The company has privately placed, with the Contrarian Resource Fund 2000, 562,500 units priced at 40 apiece. A unit consists of a flow-through share and a non-transferable, non-flow-through warrant exercisable at 50 over 18 months.
Most of the $225,000 raised will be applied to Temex’s Wilson Lake diamond project. There, the company has so far spent $1.4 million exploring more than 200 kimberlite targets defined by bull’s-eye magnetic anomalies within kimberlite-indicator-mineral terrains.
Temex has also acquired two grassroots platinum-group-metal properties: Milestone and Cuniptau. At the latter, an exposed zone has returned assays as high as 11 grams combined platinum and palladium per tonne plus 1.9 grams gold.
Drilling on the Eagle Rock base metal project last fall confirmed the presence of a volcanogenic massive-sulphide system. Although ore-grade values were not returned in six holes, massive-sulphide intersections 6-20 metres wide were obtained in each of the holes.
The company has also picked up the Cuniptau silica deposit, north of the town of Temagami. Initial sampling by the Ontario Geological Survey returned values in excess of 98% SiO2.
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